Stein Mart Files For Relief Under Chapter 11 - Quick Facts

(RTTNews) - Stein Mart, Inc. (SMRT) announced the company has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida - Jacksonville Division.

Hunt Hawkins, CEO, said, "The combined effects of a challenging retail environment coupled with the impact of the COVID-19 pandemic have caused significant financial distress on our business. The company has determined that the best strategy to maximize value will be a liquidation of its assets pursuant to an organized going out of business sale. The company lacks sufficient liquidity to continue operating in the ordinary course of business."